A fifth revision of the Anti-Money-Laundering Directive has been adopted by the European Parliament; EU Member States will have up to 26 months to transpose these new rules once the 5th AMLD is published in the Official Journal.
In its Business Plan for 2018/19, the FCA shows mitigating the effect of Brexit is its key priority for the coming year, supplemented by seven priorities across the financial sectors it regulates and other priorities within each of those seven sectors.
FCA warns it will take action against general insurance firms which are failing to clearly show the insurance premium a customer paid last year alongside their proposed renewal premium and to encourage customers to shop around.
ESMA has published the first part of its Technical Advice under the new Prospectus Regulation, covering the areas of format and content of a prospectus (including the Universal Registration Document), the EU Growth prospectus and the scrutiny and approval of a prospectus.
The FCA has published new rules on pension transfer advice and is seeking views on additional changes, including adviser charging structures. The new rules and areas for discussion aim to improve the quality of pension transfer advice to help consumers make informed decisions for their individual circumstances.